Texas Roadhouse, Inc. Announces Second Quarter 2017 Results
July 31 2017 - 4:03PM
Texas Roadhouse, Inc. (Nasdaq:TXRH) today announced financial
results for the 13 and 26 week periods ended June 27, 2017.
|
|
Second Quarter |
|
Year to Date |
($000's) |
|
|
2017 |
|
2016 |
% Change |
|
|
2017 |
|
2016 |
% Change |
|
|
|
|
|
|
|
|
|
Total
revenue |
$ |
566,262 |
$ |
508,808 |
11 |
% |
|
$ |
1,133,948 |
$ |
1,024,367 |
11 |
% |
Income from
operations |
|
54,214 |
|
49,782 |
9 |
% |
|
|
103,236 |
|
102,593 |
1 |
% |
Net
income |
|
37,581 |
|
33,605 |
12 |
% |
|
|
71,894 |
|
69,198 |
4 |
% |
Diluted
EPS |
$ |
0.53 |
$ |
0.47 |
11 |
% |
|
$ |
1.01 |
$ |
0.98 |
3 |
% |
|
|
|
|
|
|
|
|
|
Results for the second quarter included the following
highlights:
- Comparable restaurant sales increased 4.0% at company
restaurants and 3.6% at domestic franchise restaurants;
- Restaurant margin, as a percentage of restaurant sales,
decreased 28 basis points to 18.9%, primarily driven by wage rate
inflation, partially offset by the benefit of lower food
costs;
- Diluted earnings per share increased 11.0% to $0.53 from $0.47
in the prior year; and
- Seven company-owned restaurants were opened, including two
Bubba's 33 restaurants.
Results for the year-to-date period included the
following highlights:
- Comparable restaurant sales increased 3.6% at company
restaurants and 3.8% at domestic franchise restaurants;
- Restaurant margin, as a percentage of restaurant sales,
decreased 25 basis points to 19.4%, primarily driven by wage rate
inflation, partially offset by the benefit of lower food
costs;
- A pre-tax charge of $14.9 million ($9.2 million after-tax), or
$0.13 per diluted share, was recorded in the first quarter of 2017,
related to the settlement of a previously disclosed legal
matter. The impact of the legal charge was partially offset
by a pre-tax charge recorded in the first quarter of 2016 of $5.5
million ($3.4 million after-tax) related to a separate legal matter
which had an impact of $0.05 on diluted earnings per share;
- Diluted earnings per share increased 3.1% to $1.01 from $0.98
in the prior year; and
- 13 company-owned restaurants were opened, including two Bubba’s
33 restaurants.
Kent Taylor, Chief Executive Officer of Texas
Roadhouse, Inc., commented, "We are pleased with our results for
the second quarter highlighted by double-digit growth in both
revenue and diluted earnings per share. In addition, our
comparable restaurant sales growth, driven by traffic gains,
continues to be solid with an increase of 4.6% for the first four
weeks of the third quarter. We are on track to open 27 to 29
company restaurants this year. Looking ahead, we remain
focused on our long-term growth potential as we continue to fill
our new restaurant pipeline for next year and beyond.
Finally, the strength of our balance sheet and cash flow allow us
to internally fund our new restaurant growth and return excess
capital to shareholders through dividends and share
repurchases."
2017 Outlook
Comparable restaurant sales at company
restaurants for the first four weeks of our third quarter of fiscal
2017 increased approximately 4.6% compared to the prior year
period.
Management updated the following expectations
for 2017:
- 27 to 29 company restaurant openings, including approximately
four Bubba’s 33 restaurants compared to previous guidance of
approximately 30 company restaurants, including approximately six
Bubba’s 33 restaurants; and,
- An income tax rate of approximately 28.0% compared to previous
guidance of 29.0% to 30.0%.
Management reiterated the following expectations
for 2017:
- Positive comparable restaurant sales growth;
- Food cost deflation of approximately 1.0% to 2.0%;
- Mid-single digit labor inflation; and,
- Total capital expenditures of approximately $170.0 million,
excluding any cash used for franchise acquisitions.
Conference Call
The Company is hosting a conference call today,
July 31, 2017 at 5:00 p.m. Eastern Time to discuss these
results. The dial-in number is (888) 334-3032 or (719)
457-2619 for international calls. A replay of the call will
be available for one week following the conference call. To
access the replay, please dial (844) 512-2921 or (412) 317-6671 for
international calls, and use 3626432 as the pass code. There
will be a simultaneous Web cast conducted at
www.texasroadhouse.com.
About the Company
Texas Roadhouse is a casual dining concept that
first opened in 1993 and today operates 535 restaurants system-wide
in 49 states and six foreign countries. For more information,
please visit the Company’s Web site at www.texasroadhouse.com.
Forward-looking Statements
Certain statements in this release that are not historical facts,
including, without limitation, those relating to our anticipated
financial performance, are forward-looking statements that involve
risks and uncertainties. Such statements are based upon the
current beliefs and expectations of the management of the
Company. Actual results may vary materially from those
contained in forward-looking statements based on a number of
factors including, without limitation, the actual number of
restaurants opening; the sales at these and our other company and
franchise restaurants; changes in restaurant development or
operating costs, such as food and labor; our ability to acquire
franchise restaurants; our ability to integrate the franchise
restaurants we acquire or other concepts we develop; our ability to
continue to generate the necessary cash flows to fund our new
restaurant growth, continue our share repurchase program and pay a
quarterly cash dividend; strength of consumer spending; pending or
future legal claims; breaches of security; conditions beyond our
control such as weather, natural disasters, disease outbreaks,
epidemics or pandemics impacting our customers or food supplies;
food safety and food-borne illness concerns; acts of war or
terrorism and other factors disclosed from time to time in our
filings with the U.S. Securities and Exchange Commission.
Investors should take such risks into account when making
investment decisions. Shareholders and other readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are
made. We undertake no obligation to update any
forward-looking statements.
Texas Roadhouse, Inc. and
Subsidiaries |
Condensed Consolidated Statements of
Income |
(in thousands, except per share
data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
26 Weeks Ended |
|
|
|
June 27, 2017 |
|
June 28, 2016 |
|
June 27, 2017 |
|
June 28, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Restaurant
sales |
$ |
562,160 |
|
|
|
$ |
504,630 |
|
|
$ |
1,125,480 |
|
|
|
$ |
1,015,914 |
|
|
Franchise
royalties and fees |
|
4,102 |
|
|
|
|
4,178 |
|
|
|
8,468 |
|
|
|
|
8,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue |
|
566,262 |
|
|
|
|
508,808 |
|
|
|
1,133,948 |
|
|
|
|
1,024,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (excluding depreciation and
amortization shown separately below): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
185,171 |
|
|
|
|
171,551 |
|
|
|
369,364 |
|
|
|
|
344,679 |
|
|
|
Labor |
|
174,585 |
|
|
|
|
150,014 |
|
|
|
344,932 |
|
|
|
|
297,560 |
|
|
|
Rent |
|
11,112 |
|
|
|
|
10,184 |
|
|
|
21,981 |
|
|
|
|
20,211 |
|
|
|
Other operating |
|
84,837 |
|
|
|
|
75,887 |
|
|
|
170,497 |
|
|
|
|
153,499 |
|
|
Pre-opening |
|
5,014 |
|
|
|
|
4,411 |
|
|
|
9,754 |
|
|
|
|
9,236 |
|
|
Depreciation and amortization |
|
23,106 |
|
|
|
|
20,238 |
|
|
|
45,702 |
|
|
|
|
39,777 |
|
|
Impairment
and closure |
|
- |
|
|
|
|
30 |
|
|
|
11 |
|
|
|
|
41 |
|
|
General and
administrative |
|
28,223 |
|
|
|
|
26,711 |
|
|
|
68,471 |
|
|
|
|
56,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs
and expenses |
|
512,048 |
|
|
|
|
459,026 |
|
|
|
1,030,712 |
|
|
|
|
921,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
54,214 |
|
|
|
|
49,782 |
|
|
|
103,236 |
|
|
|
|
102,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
379 |
|
|
|
|
309 |
|
|
|
711 |
|
|
|
|
614 |
|
Equity
income from investments in |
|
|
|
|
|
|
|
|
|
|
unconsolidated affiliates |
|
(470 |
) |
|
|
|
(475 |
) |
|
|
(790 |
) |
|
|
|
(827 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income
before taxes |
|
54,305 |
|
|
|
|
49,948 |
|
|
|
103,315 |
|
|
|
|
102,806 |
|
Provision
for income taxes |
|
15,126 |
|
|
|
|
15,087 |
|
|
|
28,113 |
|
|
|
|
30,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
including noncontrolling interests |
$ |
39,179 |
|
|
|
$ |
34,861 |
|
|
$ |
75,202 |
|
|
|
$ |
71,862 |
|
Less: Net
income attributable to noncontrolling interests |
|
1,598 |
|
|
|
|
1,256 |
|
|
|
3,308 |
|
|
|
|
2,664 |
|
Net income
attributable to Texas Roadhouse, Inc. and subsidiaries |
$ |
37,581 |
|
|
|
$ |
33,605 |
|
|
$ |
71,894 |
|
|
|
$ |
69,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per common share attributable to Texas Roadhouse, Inc. |
|
|
|
|
|
|
|
|
|
and
subsidiaries: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.53 |
|
|
|
$ |
0.48 |
|
|
$ |
1.01 |
|
|
|
$ |
0.98 |
|
|
Diluted |
$ |
0.53 |
|
|
|
$ |
0.47 |
|
|
$ |
1.01 |
|
|
|
$ |
0.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
70,973 |
|
|
|
|
70,368 |
|
|
|
70,876 |
|
|
|
|
70,269 |
|
|
Diluted |
|
71,437 |
|
|
|
|
70,876 |
|
|
|
71,398 |
|
|
|
|
70,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
dividends declared per share |
$ |
0.21 |
|
|
|
$ |
0.19 |
|
|
$ |
0.42 |
|
|
|
$ |
0.38 |
|
|
|
|
|
|
Texas Roadhouse, Inc. and
Subsidiaries |
|
Condensed Consolidated Balance
Sheets |
|
(in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 27, 2017 |
|
December 27, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
116,508 |
|
|
$ |
112,944 |
|
|
|
|
Other
current assets |
|
|
55,904 |
|
|
|
87,315 |
|
|
|
|
Property
and equipment, net |
|
|
868,668 |
|
|
|
830,054 |
|
|
|
|
Goodwill |
|
|
121,040 |
|
|
|
116,571 |
|
|
|
|
Intangible
assets, net |
|
|
3,161 |
|
|
|
3,622 |
|
|
|
|
Other
assets |
|
|
34,000 |
|
|
|
29,465 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,199,281 |
|
|
$ |
1,179,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
maturities of long-term debt and obligation under capital
lease |
|
|
176 |
|
|
|
167 |
|
|
|
|
Other
current liabilities |
|
|
246,032 |
|
|
|
279,360 |
|
|
|
|
Long-term
debt and obligation under capital lease, excluding current
maturities |
|
52,291 |
|
|
|
52,381 |
|
|
|
|
Other
liabilities |
|
|
91,361 |
|
|
|
89,821 |
|
|
|
|
Texas
Roadhouse, Inc. and subsidiaries stockholders' equity |
|
|
797,388 |
|
|
|
750,226 |
|
|
|
|
Noncontrolling interests |
|
|
12,033 |
|
|
|
8,016 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and equity |
|
$ |
1,199,281 |
|
|
$ |
1,179,971 |
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and
Subsidiaries |
|
Condensed Consolidated Statements of Cash
Flows |
|
(in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended |
|
|
|
|
|
June 27, 2017 |
|
June 28, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
Net income
including noncontrolling interests |
|
$ |
75,202 |
|
|
|
$ |
71,862 |
|
|
Adjustments
to reconcile net income to net cash provided by operating
activities |
|
|
|
|
Depreciation and amortization |
|
|
45,702 |
|
|
|
|
39,777 |
|
|
|
Share-based
compensation expense |
|
|
12,365 |
|
|
|
|
11,703 |
|
|
|
Other
noncash adjustments |
|
|
(1,842 |
) |
|
|
|
(493 |
) |
|
Change in
working capital |
|
|
(3,119 |
) |
|
|
|
(8,781 |
) |
|
|
Net cash provided by
operating activities |
|
|
128,308 |
|
|
|
|
114,068 |
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Capital
expenditures - property and equipment |
|
|
(73,637 |
) |
|
|
|
(69,159 |
) |
|
Acquisition
of franchise restaurants, net of cash acquired |
|
|
(16,528 |
) |
|
|
|
- |
|
|
|
Net cash used in
investing activities |
|
|
(90,165 |
) |
|
|
|
(69,159 |
) |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Proceeds
from revolving credit facility, net |
|
|
- |
|
|
|
|
25,000 |
|
|
Repurchase
shares of common stock |
|
|
- |
|
|
|
|
(4,110 |
) |
|
Dividends
paid |
|
|
(28,308 |
) |
|
|
|
(25,277 |
) |
|
Other
financing activities |
|
|
(6,271 |
) |
|
|
|
(4,551 |
) |
|
|
Net cash used in
financing activities |
|
|
(34,579 |
) |
|
|
|
(8,938 |
) |
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash and cash equivalents |
|
|
3,564 |
|
|
|
|
35,971 |
|
|
Cash and
cash equivalents - beginning of period |
|
|
112,944 |
|
|
|
|
59,334 |
|
|
Cash and
cash equivalents - end of period |
|
$ |
116,508 |
|
|
|
$ |
95,305 |
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and
Subsidiaries |
|
Supplemental Financial and Operating
Information |
|
($ amounts in thousands, except weekly sales
by group) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
Change |
|
|
Year to Date |
|
Change |
|
|
|
|
|
|
2017 |
|
|
2016 |
|
vs LY |
|
|
|
2017 |
|
|
|
2016 |
|
vs LY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
openings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company -
Texas Roadhouse |
|
5 |
|
|
6 |
|
(1 |
) |
|
|
|
11 |
|
|
|
11 |
|
0 |
|
|
|
|
Company -
Bubba's 33 |
|
2 |
|
|
1 |
|
1 |
|
|
|
|
2 |
|
|
|
3 |
|
(1 |
) |
|
|
|
Company -
Other |
|
0 |
|
|
0 |
|
0 |
|
|
|
|
0 |
|
|
|
0 |
|
0 |
|
|
|
|
Franchise -
Texas Roadhouse - U.S. |
|
0 |
|
|
0 |
|
0 |
|
|
|
|
1 |
|
|
|
0 |
|
1 |
|
|
|
|
Franchise -
Texas Roadhouse - International |
|
0 |
|
|
1 |
|
(1 |
) |
|
|
|
1 |
|
|
|
2 |
|
(1 |
) |
|
|
|
Total |
|
7 |
|
|
8 |
|
(1 |
) |
|
|
|
15 |
|
|
|
16 |
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
acquisitions/dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company -
Texas Roadhouse |
|
0 |
|
|
0 |
|
0 |
|
|
|
|
4 |
|
|
|
0 |
|
4 |
|
|
|
|
Company -
Bubba's 33 |
|
0 |
|
|
0 |
|
0 |
|
|
|
|
0 |
|
|
|
0 |
|
0 |
|
|
|
|
Company -
Other |
|
0 |
|
|
0 |
|
0 |
|
|
|
|
0 |
|
|
|
0 |
|
0 |
|
|
|
|
Franchise -
Texas Roadhouse |
|
0 |
|
|
0 |
|
0 |
|
|
|
|
(4 |
) |
|
|
0 |
|
(4 |
) |
|
|
|
Total |
|
0 |
|
|
0 |
|
0 |
|
|
|
|
0 |
|
|
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants
open at the end of the quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company -
Texas Roadhouse |
|
428 |
|
|
403 |
|
25 |
|
|
|
|
|
|
|
|
|
|
|
Company -
Bubba's 33 |
|
18 |
|
|
10 |
|
8 |
|
|
|
|
|
|
|
|
|
|
|
Company -
Other |
|
2 |
|
|
2 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
Franchise -
Texas Roadhouse - U.S. |
|
70 |
|
|
72 |
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
Franchise -
Texas Roadhouse - International |
|
14 |
|
|
12 |
|
2 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
532 |
|
|
499 |
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-owned restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
sales |
$ |
562,160 |
|
$ |
504,630 |
|
11.4 |
|
% |
|
$ |
1,125,480 |
|
|
$ |
1,015,914 |
|
10.8 |
|
% |
|
|
Store
weeks |
|
5,775 |
|
|
5,350 |
|
7.9 |
|
% |
|
|
11,456 |
|
|
|
10,612 |
|
8.0 |
|
% |
|
|
Comparable
restaurant sales growth (1) |
|
4.0 |
% |
|
4.5 |
% |
|
|
|
3.6 |
|
% |
|
4.5 |
% |
|
|
|
Texas
Roadhouse restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant
sales growth (1) |
|
4.1 |
% |
|
4.5 |
% |
|
|
|
3.7 |
|
% |
|
4.5 |
% |
|
|
|
|
Average unit volume
(2) |
$ |
1,274 |
|
$ |
1,233 |
|
3.3 |
|
% |
|
$ |
2,575 |
|
|
$ |
2,506 |
|
2.7 |
|
% |
|
|
|
Weekly sales by
group: |
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
restaurants (389 units) |
$ |
98,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average unit
volume restaurants (23 units) (3) |
$ |
85,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants less
than 6 months old (16 units) |
$ |
105,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
operating costs (as a % of restaurant sales) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
32.9 |
% |
|
34.0 |
% |
(106 |
) |
bps |
|
32.8 |
|
% |
|
33.9 |
% |
(111 |
) |
bps |
Labor |
|
31.1 |
% |
|
29.7 |
% |
133 |
|
bps |
|
30.6 |
|
% |
|
29.3 |
% |
136 |
|
bps |
Rent |
|
|
2.0 |
% |
|
2.0 |
% |
(4 |
) |
bps |
|
2.0 |
|
% |
|
2.0 |
% |
(4 |
) |
bps |
Other
operating |
|
15.1 |
% |
|
15.0 |
% |
5 |
|
bps |
|
15.1 |
|
% |
|
15.1 |
% |
4 |
|
bps |
Total |
|
81.1 |
% |
|
80.8 |
% |
28 |
|
bps |
|
80.6 |
|
% |
|
80.3 |
% |
25 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
margin (4) |
|
18.9 |
% |
|
19.2 |
% |
(28 |
) |
bps |
|
19.4 |
|
% |
|
19.7 |
% |
(25 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
margin ($ in thousands) (4) |
$ |
106,455 |
|
$ |
96,994 |
|
9.8 |
|
% |
|
$ |
218,706 |
|
|
$ |
199,965 |
|
9.4 |
|
% |
|
|
Restaurant
margin $ (4)/Store week |
$ |
18,434 |
|
$ |
18,130 |
|
1.7 |
|
% |
|
$ |
19,091 |
|
|
$ |
18,843 |
|
1.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise-owned restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
royalties and fees |
$ |
4,102 |
|
$ |
4,178 |
|
(1.8 |
) |
% |
|
$ |
8,468 |
|
|
$ |
8,453 |
|
0.2 |
|
% |
|
|
Store
weeks |
|
1,092 |
|
|
1,088 |
|
0.4 |
|
% |
|
|
2,172 |
|
|
|
2,157 |
|
0.7 |
|
% |
|
|
Comparable
restaurant sales growth (1) |
|
2.9 |
% |
|
2.6 |
% |
|
|
|
3.0 |
|
% |
|
2.8 |
% |
|
|
|
U.S.
franchise restaurants only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant
sales growth (1) |
|
3.6 |
% |
|
4.3 |
% |
|
|
|
3.8 |
|
% |
|
4.2 |
% |
|
|
|
|
Average unit volume
(2) |
$ |
1,321 |
|
$ |
1,265 |
|
4.4 |
|
% |
|
$ |
2,644 |
|
|
$ |
2,552 |
|
3.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening
expense |
$ |
5,014 |
|
$ |
4,411 |
|
13.7 |
|
% |
|
$ |
9,754 |
|
|
$ |
9,236 |
|
5.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
$ |
23,106 |
|
$ |
20,238 |
|
14.2 |
|
% |
|
$ |
45,702 |
|
|
$ |
39,777 |
|
14.9 |
|
% |
|
|
As a % of
revenue |
|
4.1 |
% |
|
4.0 |
% |
10 |
|
bps |
|
4.0 |
|
% |
|
3.9 |
% |
15 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses |
$ |
28,223 |
|
$ |
26,711 |
|
5.7 |
|
% |
|
$ |
68,471 |
|
|
$ |
56,771 |
|
20.6 |
|
% |
|
|
As a % of
revenue |
|
5.0 |
% |
|
5.2 |
% |
(27 |
) |
bps |
|
6.0 |
|
% |
|
5.5 |
% |
50 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Comparable restaurant sales growth
reflects the change in year-over-year sales for restaurants open a
full 18 months before the beginning of the period measured,
excluding sales from restaurants closed during the period. |
|
|
|
|
(2) Average unit volume includes sales from Texas
Roadhouse restaurants open for a full six months before the
beginning of the period measured, excluding any sales at
restaurants closed during the period. |
|
|
(3) Average unit volume restaurants include restaurants
open a full six to 18 months before the beginning of the period
measured. |
|
|
(4) Restaurant margin (in dollars and as a
percentage of restaurant sales) represents restaurant sales less
restaurant operating costs, including cost of sales, labor, rent
and other operating costs. Depreciation and amortization
expense, substantially all of which relates to restaurant-level
assets, is excluded from restaurant operating costs.
Restaurant margin is widely regarded in the restaurant industry as
a useful metric by which to evaluate restaurant-level operating
efficiency and performance. Restaurant margin is not a
measurement determined in accordance with GAAP and should not be
considered in isolation, or as an alternative, to income from
operations or other similarly titled measures of other
companies. |
|
|
|
|
Amounts may
not foot due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts:
Investor Relations
Tonya Robinson
(502) 515-7269
Media
Travis Doster
(502) 638-5457
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